证券代码：688120 证券简称：华海清科 华海清科股份有限公司 2023 年年度股东大会会议资料 2024 年 5 月 | | | | 华海清科股份有限公司 2023 年年度股东大会会议议案 5 | | --- | | 议案一：关于公司《2023 年年度报告》及其摘要的议案 5 | | 议案二：关于《2023 年度董事会工作报告》的议案 6 | | 议案三：关于《2023 年度监事会工作报告》的议案 7 | | 议案五：关于公司《2023 年度利润分配及资本公积金转增股本预案》的议案 .9 | | 议案六：关于确认 2023 年度日常关联交易及预计 2024 年度日常关联交易的议案 | | 议案七：关于《未来三年（2024 年-2026 年）股东分红回报规划》的议案...17 | | 议案八：关于确认公司董事 2023 年度薪酬发放情况及 2024 年度薪酬方案的议案 | | 18 | | 议案九：关于确认公司监事 2023 年度薪酬发放情况及 2024 年度薪酬方案的议案 | | 19 | | 议案十：关于修订公司章程及部分公司治理制度的议案 20 | | 听取事项：2023 年度独立董事述职报告 24 ...

Investment Rating - The investment rating for Huahai Qingke is "Buy" and is maintained [5]. Core Views - The company achieved a revenue of 2.508 billion yuan in 2023, representing a year-on-year increase of 52%, and a net profit of 724 million yuan, up 44% year-on-year. The non-recurring net profit reached 608 million yuan, marking a 60.05% increase year-on-year [6][7]. - The company maintains a strong order backlog, with inventory levels reaching a historical high of 2.732 billion yuan by the end of Q1 2024, supporting future performance growth [7][8]. - Significant investment in R&D has led to the continuous launch of new CMP equipment, with a notable increase in R&D personnel and expenditures [7][8]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 2.508 billion yuan, with a net profit of 724 million yuan and a non-recurring net profit of 608 million yuan. The revenue for Q1 2024 was 680 million yuan, with a net profit of 202 million yuan [6][7]. - The gross margin for Q1 2024 was 47.92%, and the net margin was 29.72% [7]. Order Backlog and Inventory - As of Q4 2023, the company's inventory was 2.415 billion yuan, which increased to 2.732 billion yuan by Q1 2024. The contract liabilities were 1.328 billion yuan at the end of Q4 2023, indicating a stable order backlog [7][8]. R&D and Product Development - The company increased its R&D personnel by nearly 150, a growth of about 50%, with R&D expenses in Q4 2023 and Q1 2024 being 90 million yuan and 77 million yuan, respectively [7][8]. - New CMP equipment, such as the Universal H300, is expected to enter mass production in 2024, targeting various semiconductor sectors [7][8]. Market Outlook - The company is expected to achieve net profits of 1.02 billion yuan, 1.32 billion yuan, and 1.7 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 25, 20, and 15 [8].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% in the next 6 to 12 months [13]. Core Insights - The company reported a revenue of 2.508 billion yuan for 2023, representing a year-on-year growth of 52%. The net profit attributable to the parent company was 724 million yuan, up 44% year-on-year [2]. - The company is a leading domestic CMP equipment manufacturer, with significant market share growth in various customer segments, leading to a 59% increase in CMP equipment sales to 2.278 billion yuan in 2023 [3]. - The company has a strong future revenue momentum, supported by a favorable inventory structure and increasing accounts receivable, indicating good operational health [3]. Financial Performance Summary - **Revenue Forecasts**: - 2022A: 1.649 billion yuan - 2023A: 2.508 billion yuan - 2024E: 3.461 billion yuan - 2025E: 4.603 billion yuan - 2026E: 5.800 billion yuan - Year-on-year growth rates are projected to decline from 105% in 2022 to 26% in 2026 [1]. - **Net Profit Forecasts**: - 2022A: 502 million yuan - 2023A: 724 million yuan - 2024E: 990 million yuan - 2025E: 1.350 billion yuan - 2026E: 1.680 billion yuan - Year-on-year growth rates are projected to decline from 153% in 2022 to 25% in 2026 [1]. - **Earnings Per Share (EPS)**: - 2023A: 6.23 yuan - 2024E: 8.49 yuan - 2025E: 10.57 yuan [1]. - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio is expected to decrease from 54.1 in 2022 to 16.1 in 2026, indicating improving valuation as earnings grow [1]. Product Development and Market Expansion - The company is actively upgrading its equipment based on customer needs and has launched new products, including the Versatile-GP300 thinning and polishing machine, which is gaining traction in the market [4][5]. - The company has successfully developed and shipped its first 12-inch single wafer cleaning machine, indicating progress in diversifying its product offerings [5]. Future Profitability Projections - The report projects net profits of 990 million yuan for 2024, 1.350 billion yuan for 2025, and 1.680 billion yuan for 2026, reflecting a strong growth trajectory [9].

华海清科：CMP 高增，减薄机等多品类打开第二成长曲线 华海清科(688120.SH)/电子 证券研究报告/公司点评 2024年5月4日 [Table_Industry] [评Ta级ble：_T买itle入] （维持） [公Ta司ble盈_F利in预anc测e1及] 估值 市场价格：170.68元/股 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 1,649 2,508 3,461 4,603 5,800 分析师：王芳 增长率yoy% 105% 52% 38% 33% 26% 执业证书编号：S0740521120002 净利润（百万元） 502 724 990 1,350 1,680 Email：wangfang02@zts.com.cn 增长率yoy% 153% 44% 37% 36% 25% 每股收益（元） 3.16 4.55 6.23 8.49 10.57 分析师：杨旭 每股现金流量 0.16 4.11 4.18 7.84 7.59 执业证书编号：S0740521120001 净资产收益率 10% 13% 15% 17% 18% Email：yangxu01@zt ...

证券代码：688120 证券简称：华海清科 公告编号：2024-036 华海清科股份有限公司（以下简称"公司"）于 2024 年 3 月 4 日召开第二届 董事会第二次会议，并于 2024 年 3 月 25 日召开 2024 年第三次临时股东大会，审 议通过了《关于以集中竞价交易方式回购公司股份方案的议案》，同意公司以自有 资金通过集中竞价交易方式回购公司已发行的部分人民币普通股（A 股），用于股 权激励或员工持股计划，或用于转换上市公司发行的可转换为股票的公司债券， 回购资金总额不低于人民币 5,000 万元（含），不超过人民币 10,000 万元（含）， 回购股份的价格不超过 260 元/股（含），回购股份的期限自股东大会审议通过本 次股份回购方案之日起不超过 12 个月。具体内容详见公司分别于 2024 年 3 月 5 日和 2024 年 3 月 28 日披露在上海证券交易所网站（www.sse.com.cn）的《关于 以集中竞价交易方式回购公司股份方案的公告》（公告编号：2024-015）和《关于 以集中竞价交易方式回购公司股份的回购报告书》（公告编号：2024-020）。 二、 回购股份的进展情况 ...

证券代码：688120 证券简称：华海清科 华海清科股份有限公司投资者关系活动记录表 编号：2024-01 £ 特定对象调研 £ 分析师会议 £ 媒体采访  业绩说明会 投资者关系活 动类别 £ 新闻发布会 £ 路演活动 £ 现场参观 £ 其他 线上参加公司2023年度暨2024年第一季度业绩说明会的投 参与单位名称 资者，详见附件参会机构清单 时间 2024年4月28日和4月29日 电话会议及上证路演中心（https:// 地点 roadshow.sseinfo.com/） 董事长、首席科学家 路新春 董事、总经理 张国铭 ...

Investment Rating - The report maintains a "Buy" rating for Huahai Qingke (688120 SH) with a target price of 249 61 yuan per share, corresponding to a 2024 PE of 40x [2][4] Core Views - Huahai Qingke's CMP market share continues to increase, with significant growth in wafer regeneration and maintenance services In 2023, the company achieved revenue of 2 508 billion yuan, a yoy increase of 52 11%, and net profit of 724 million yuan, a yoy increase of 44 29% [2] - The company's CMP products have gained more customer recognition and achieved multiple batch sales, while wafer regeneration services have secured bulk orders from major production lines [2] - In Q1 2024, the company reported revenue of 680 million yuan, a yoy increase of 10 4%, and net profit of 202 million yuan, a yoy increase of 4 27% [2] - The company's Universal H300 CMP machine has been sent to clients for verification, with small-batch validation completed for multiple processes, and is expected to achieve mass production in 2024 [2] - New products such as thinning and dicing equipment have made rapid breakthroughs, with thinning equipment securing bulk orders from leading companies in multiple fields [2] Financial Performance and Forecast - Revenue for 2023 was 2 508 billion yuan, a yoy increase of 52 11%, with a gross margin of 46 02% and a net margin of 28 86% [2] - For 2024-2026, the company is expected to achieve net profits of 982 million yuan, 1 249 billion yuan, and 1 536 billion yuan, respectively [2][3] - The company's EBITDA for 2023 was 792 million yuan, with a projected increase to 1 124 billion yuan in 2024 and 1 759 billion yuan in 2026 [3] - EPS is forecasted to grow from 4 55 yuan in 2023 to 9 67 yuan in 2026 [3] Product Development and Market Position - The company's 12-inch wafer thinning and film laminating machine has secured demo orders from a leading integrated circuit packaging and testing company [2] - The dry polishing type packaging thinning machine is expected to be sent to clients for verification in the first half of 2024 [2] - The 12-inch wafer edge cutting equipment has been sent to a leading storage manufacturer for verification in the first half of 2024 [2] - The company is well-positioned to benefit from the expansion of downstream wafer production lines and the domestic substitution of equipment [2] Financial Ratios and Valuation - The company's ROE increased from 10 5% in 2022 to 13 1% in 2023, with a projected increase to 16 6% by 2026 [3] - The P/E ratio is expected to decrease from 41 25x in 2023 to 16 79x in 2026, reflecting strong earnings growth [3] - The EV/EBITDA ratio is projected to decline from 35 27x in 2023 to 14 13x in 2026, indicating improving valuation metrics [3]

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 29 日 华 海清科(688120.SH) 证券研究报告 CMP 设备竞争优势持续提高，新产品开 半导体设备 投资评级 买入-A 发以及验证顺利推进 维持评级 事件： 6个月目标价 222.95元 股价 (2024-04-26) 162.31元 1.公司发布2023年年度报告，2023年度实现营收25.08 亿元，同比 增加 52.11%；实现归属于母公司所有者净利润 7.24亿元，同比增加 交易数据 44.29%；实现扣非归母净利润 6.08亿元，同比增加60.05%。 总市值(百万元) 25,796.48 2.从 Q4 单季度业绩来看，实现营收 6.68 亿元，同比增加 29.54%， 流通市值(百万元) 18,347.99 环比增加 10.21%；实现归属于母公司所有者净利润 1.60 亿元，同比 总股本(百万股) 158.93 增加 0.70%，环比减少 15.81%；实现扣非归母净利润 1.49 亿元，同 流通股本(百万股) 113.04 比增加 30.98%，环比减少1.91%。 12个月价格区间 148.18 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 221.7 CNY, compared to the current price of 162.31 CNY [2][6]. Core Insights - The company achieved a revenue of 2.508 billion CNY in 2023, representing a year-over-year increase of 52.11%. The gross margin was 46.02%, and the net profit attributable to shareholders was 724 million CNY, up 44.29% year-over-year [3][6]. - In Q1 2024, the company reported a revenue of 680 million CNY, a year-over-year increase of 10.40% and a quarter-over-quarter increase of 1.88%. The gross margin improved to 47.92% [3][6]. - The company's CMP (Chemical Mechanical Planarization) equipment revenue reached 2.278 billion CNY in 2023, growing by 59.20% year-over-year, while other business segments generated 230 million CNY, up 5.55% [3][6]. - The company is positioned as a leader in the domestic CMP field, with successful penetration into major semiconductor manufacturers, enhancing its market share [3][6]. Financial Performance Summary - The company forecasts revenues of 3.632 billion CNY, 4.694 billion CNY, and 5.534 billion CNY for 2024, 2025, and 2026, respectively, with net profits projected at 1.007 billion CNY, 1.309 billion CNY, and 1.562 billion CNY [6][7]. - The earnings per share (EPS) are expected to be 6.33 CNY, 8.23 CNY, and 9.83 CNY for the years 2024, 2025, and 2026, respectively [6][7]. - The company has demonstrated strong cost management, with a decrease in expense ratios across the board, while increasing R&D and capital expenditures to support long-term growth [3][6]. Product Development and Market Position - The company is advancing its product iterations, with new CMP equipment expected to enter mass production in 2024 and ongoing development of third-generation semiconductor models [3][6]. - The company has successfully secured bulk orders for its wafer regeneration business, achieving a production capacity of 100,000 wafers per month [3][6]. - The diversification of key consumables, such as polishing pads, is progressing well in large-scale production lines [6][8].

电子/半导体 公 司 研 华海清科（688120.SH） CMP 设备市占率稳步提升，新产品及工艺加速验证 究 2024年04月29日 ——公司信息更新报告 投资评级：买入（维持） 罗通（分析师） 刘书珣（联系人） luotong@kysec.cn liushuxun@kysec.cn 日期 2024/4/29 证 书编号：S0790522070002 证书编号： S0790122030106 当前股价(元) 173.19  公司2024Q1业绩同环增长，毛利率持续提升，维持“买入”评级 公 一年最高最低(元) 404.25/145.21 公司发布2023 年报及2024 一季报，公司 2023年度实现营业收入 25.08 亿元， 司 信 总市值(亿元) 275.26 YoY+52.11%；实现归母净利润7.24亿元，YoY+44.29%；扣非净利润6.08亿元， 息 流通市值(亿元) 195.78 YoY+60.05%；毛利率46.02%，YoY-1.71pcts。此外，2024Q1实现营收6.08亿元， 更 总股本(亿股) 1.59 YoY+10.4%，QoQ+1.88%；实现归母净利润2.02亿元，Y ...